Ocugen (OCGN) Miss Earnings & Revenues Estimates in Q1

·2 min read

Ocugen, Inc. OCGN is a biopharmaceutical company with focus on developing gene therapies for blindness diseases and vaccine for COVID-19. The company earns revenues from its collaboration partners.

The company has no clinical-stage candidates in its portfolio. It plans to submit an Investigational New Drug application for its gene therapy candidate, OCU400, in the second half of this year. Meanwhile, Ocugen and India-based Bharat Biotech entered into a definitive agreement in February 2021 to co-develop, supply and commercialize Bharat Biotech’s COVAXIN, an advanced-stage whole-virion inactivated COVID-19 vaccine candidate, for the U.S. market.

Ocugen’s performance has been dismal so far, with the company’s earnings mssing expectations in three of the trailing four quarters. Overall, the company has delivered an average negative surprise of 274.44%.

Currently, Ocugen has a Zacks Rank #5 (Strong Sell), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings Miss: Ocugen incurred loss of 4 cents per share in the first quarter of 2021, narrower than the loss of 7 cents in the year-ago quarter. The Zacks Consensus Estimates was pegged at an earnings of 50 cents per share.

Revenues Beat: With no approved products, the company did not report any revenues during the first quarter.  However, the Zacks Consensus Estimate for revenues was $156.16 million.

Key Stats: Research and development expenses increased 73.8% year over year to $2.9 million. General and administrative expenses were $4.2 million, up 83.8% from year-ago period.

Share Price Impact: Shares were down 17.4% in pre-market trading.

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